Which is the best bank to take car loan in India?

Which is the best bank to take car loan in India?

Top 10 Banks for Car Loan in India

Name of the Lender Interest Rate (p.a.)
Union Bank of India 8.60% to 8.70%
HDFC Bank Starting from 8.90% (Please contact the bank for updated rates)
Federal Bank 9.25%
Axis Bank 9.05% to 11.30%

What is the interest rate on car loan in BOI?

Bank of India Car Loan

Features New Car Loan Used Car Loan
Interest rates 6.85% 9.45%
Loan tenure 7 years 3 years
Processing fee NIL upto 31st March 2022 1% of loan amount; subject to a minimum of Rs.5,00 and maximum of Rs.10,000
Loan amount Up to Rs.200 lakh Up to Rs.200 lakh

What is the EMI for 10 lakh car?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953
Rs.15 lakh 1 year Rs.1,31,456

How can I check my car loan status in Bank of India?

Visit your nearby Bank of India branch in-person. Branch details such as address can be found using the Branch Locator tool on the BoI website….How to check Bank of India Personal Loan Status Offline after Disbursal?

  1. 1800-220-229 (toll-free)
  2. 1800-103-1906 (toll-free)
  3. 022-4091 9191 (call charges may apply)

What is RBLR?

Revised Repo Based Lending Rate (RBLR)

What are 2022 auto loan rates?

McBride warns that rates are expected to drift higher in the next year, predicting that by the end of 2022 the average interest rate on a five-year new car loan will be 4.4 percent and the average rate for a four-year used car loan will be 4.85 percent.

Is auto loan secured or unsecured?

Car Loan. A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan. If you default on your repayments, the lender can seize the auto.

Is salary slip required for car loan?

Proof of address documents: Aadhar card, passport, telephone or electricity bill, Shop & Establishment Act certificate (for self-employed individuals), among others. Proof of income documents: Bank statement of the last six months. Salary slip and form 16 (for salaried persons)

What is the interest rate of bank of India for car loan?

Bank of India Car Loan Interest Rate 7.35% per annum Min Loan Amount ₹ 100,000 Max Loan Amount (Loan to Value) Loan up to 85% of On Road Price or 100% of Ex-showroom Price Loan Tenure 1 year to 7 years Lowest EMI / Lac ₹ 1,634 Minimum Net Monthly Income ₹ 15,000 Minimum ITR for Self Employed ₹ 300,000 Age Criteria Salaried: 21 years to 60 years

What is Bank of India Star Vehicle Loan Scheme?

The Bank of India Star Vehicle Loan Scheme is offered to individuals to purchase a two/four wheeler vehicles (not requiring heavy duty license), as well as for purchase of used/second hand 2 and 4 wheeler (age of the vehicle not to exceed 3 years).

Who is eligible to apply for a car loan from Bank of India?

Salaried employees, professionals, self-employed salaried persons, professionals, and self-employed Non-Resident Indians are eligible to apply for a car loan from Bank of India Maximum age should not be more than 65 years at the time of loan maturity. I belong to a Hindu Undivided Family (HUF).

What is Bank of India car loan EMI calculator?

Bank of India car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI.

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